Dr. Asma Salman is a Blockchain Developer and a Professor of Finance at the American University in the Emirates, UAE. An Honorary Global Advisor at Global Academy of Finance & Management USA, she completed her MBA in Finance & Accounting and earned a PhD in Finance from an AACSB member, AMBA accredited, School of Management at Harbin Institute of Technology, China. Her research credentials include a one-year residency at the Brunel Business School at Brunel University, UK. Dr. Salman also served as the Dubai Cohort supervisor for DBA students under the Nottingham Business School, UK for 7 years and is currently a PhD supervisor at the University of Northampton, UK where she is affiliated as a visiting fellow. She also served on the Board of Etihad Airlines during 2019-2020. One of her recent articles on “Bitcoin and Blockchain” gained wide visibility and is an active speaker on Fintech, Blockchain and Crypto events around the GCC. She holds various professional certifications including; Chartered Fintech Professional (USA), Certified Financial Manager (USA), Women in Leadership & Management in Higher Education, (UK), and Taxation GCC VAT Compliance, (UK). She recently won an award for “Blockchain Trainer of the Year” by Berkeley Middle East. Others include, Women Leadership Impact Award by H.E First Lady of Armenia, Research Excellence Award and the Global Inspirational Women Leadership Award by H.H Sheikh Juma Bin Maktoum Juma Al Maktoum.
Investment Management and Financial Innovations, 2020
The banking sector is at risk of worsening loan quality, which is a major threat to the financial... more The banking sector is at risk of worsening loan quality, which is a major threat to the financial system’s stability. The impact of foreign direct investment (FDI) inflows on nonperforming loans (NPLs) in the United Arab Emirates (UAE) is empirically investigated in this study. The data from 2008 to 2017 are collected and analyzed through the ordinary least squares (OLS) technique. The findings reveal that FDI inflows reduced the size of NPLs during the economic crisis. Also, the combined effect of higher FDI inflows and bank efficiency reduced the size of NPLs for banks, while the combined effect of FDI inflows and better institutions, such as strong regulatory quality, did not reduce the size of NPLs but rather increased the size of NPLs. The findings have implications and contribute to the literature to establish a relationship between FDI inflows and NPLs by examining the relationship between FDI inflows and NPLs in the context of banks in the UAE.
Finance is the language of business and as technological disruption accelerates, a fundamental ch... more Finance is the language of business and as technological disruption accelerates, a fundamental change is under way. This presents both opportunities and challenges for current-day organizations and finance professionals alike. Money makes the world go around, they say; but digital money not only makes the world go around, it does it in a decentralized fashion. Because the currencies are decentralized, with the right mix of technology the opportunities that emerge are noteworthy and emerge as a game changer for financial institutions. This book shows many different aspects, examples, and regulations of cryptocurrencies through its underpinning technology of blockchain in the present-day digital era. The diversity of the authors who sum up this book signify the importance of implementation in the digitized economy. It is divided into four main sections, with topics on Bitcoin, blockchain and digital returns, impact of cryptocurrencies in gaming, and cryptocurrency exchanges.
This research has focused on examining the connection between uncertainties in economic policies ... more This research has focused on examining the connection between uncertainties in economic policies and exchange rates. This research extends the literature to this field by analyzing the impact of small to large negative along with small to large positive variations in the economic policy uncertainty on the currency rates. For this purpose, this research uses the Granger causality in the quantile test and a newly constructed multiple asymmetric threshold nonlinear ARDL (MATNARDL) model. When a nonlinear ARDL model is utilized, our results confirmed the nonlinear impact in three nations only. In contrast, when the MATNARDL technique is utilized, these findings do confirm the nonlinear effect for all nations. Furthermore, when the Granger causality in the quantile test is applied, the impact differs over various quantiles. In general, the enhanced framework encourages us to analyze better how EPU affects the exchange rate in the emerging seven (E7) nations. The findings of our research ...
Journal of International Commerce, Economics and Policy
Various empirical methodologies have examined the relationship between exchange rate and househol... more Various empirical methodologies have examined the relationship between exchange rate and household consumption expenditures. However, traditional methods fail to analyze the exchange rate effect on consumption across minor and major currency depreciation and appreciations. We attempt to extend the existing literature by examining the impact of minor and major currency appreciation and depreciation on household consumption expenditures in BRICST countries, including Brazil, Russia, India, China, South Africa and Turkey. We use an extended version of the nonlinear ARDL (NARDL) and multiple threshold nonlinear ARDL model called the multiple asymmetric ARDL (MATNARDL) model. Our estimates, based on the traditional NARDL model, indicate that the asymmetric effect is found in the context of India and China only. However, the MATNARDL estimates suggest that, in the long run, the asymmetric effect is found for all the sample countries except India whereas, in the short run, the asymmetric e...
The influences of renewable and conventional energy consumption on ecological sustainability rema... more The influences of renewable and conventional energy consumption on ecological sustainability remain unclear because of the dynamic economic and innovative framework. This investigation gives a new perception by exploring the association between the production of various sources of renewable energies (e.g., hydroelectric, wind, solar PV, geothermal, and biomass power) and economic growth encapsulating capital, government spending, and trade openness. This research used a heterogeneous approach for panel data and second generational tools for econometrics, which allow for cross-sectional reliance and slope heterogeneity. This study has revealed the substantial reason to back up the feedback assumptions between renewable energy sources and economic growth, using the Dumitrescu and Hurlin analysis. In terms of policy, this empirical analysis suggests enacting impactful policies that encourage green power and economic reform in an attempt to lessen CO2 concentrations in the biosphere.
The main focus of the study is to determine the financial uncertainty while examining the Sukuk b... more The main focus of the study is to determine the financial uncertainty while examining the Sukuk bonds prices, Sukuk bond and global emerging market indices returns dynamics. The study, with a time period ranging from 2017 to 2020, applies the quantile regression technique. The study findings show that evidence of co-moment exists between the global emerging market index and Sukuk bond price returns, except the one. There is no impact of the financial uncertainty indicator reflected by the global volatility index (VIX) on the Sukuk index returns, and even this impact is negative for (VXEEM). The causal impact among the global emerging and Sukuk bond markets will help formulate future trading strategies in particular to Islamic bond markets.
The main focus of the study is to determine the financial uncertainty while examining the Sukuk b... more The main focus of the study is to determine the financial uncertainty while examining the Sukuk bonds prices, Sukuk bond and global emerging market indices returns dynamics. The study, with a time period ranging from 2017 to 2020, applies the quantile regression technique. The study findings show that evidence of co-moment exists between the global emerging market index and Sukuk bond price returns, except the one. There is no impact of the financial uncertainty indicator reflected by the global volatility index (VIX) on the Sukuk index returns, and even this impact is negative for (VXEEM). The causal impact among the global emerging and Sukuk bond markets will help formulate future trading strategies in particular to Islamic bond markets.
Abstract: Foreign direct investment flows have increased dramatically in recent decades. Developi... more Abstract: Foreign direct investment flows have increased dramatically in recent decades. Developing countries have long tried to attract a reasonable amount of FDI, and easing foreign exchanges regimes, and removing restrictions have become increasingly popular. Foreign direct investment (FDI) is a potent weapon of economic development, especially in the current global context. It enables a capital-poor country like Pakistan to build up physical capital, create employment opportunities, develop productive capacity, enhance skills of local labor through transfer of technology and managerial know-how, and help integrate the domestic economy with the global economy There are many forms of foreign resources like Foreign Direct Investment, Grants & Loans, Foreign Portfolio Investment, Export Credit, Official Aid, Technical Assistance, Emergency Relief, Project and non project aid. This paper reviews impact of foreign aid on development. By performing Least Squares we analyse the trend an...
International Conference on Financial Theory and Engineering, 2010
In this paper, we have used the data of some variables affecting current account balance and capi... more In this paper, we have used the data of some variables affecting current account balance and capital & financial account balance from 1985 to 2005 to generate some results. We have emphasized the Granger causality test and impulse response functions to analyze the dynamic influence of FDI to the capital and financial accounts, as well as the GNP of Pakistan.
The rapid rate of growth in nanotechnologies and their application in almost every field of life ... more The rapid rate of growth in nanotechnologies and their application in almost every field of life is not only set to improve the living standards of the general public around the globe but also serves as a great opportunity for business as well. In this regard, a sound business model is required, as the product and services based upon this technology may not conform to traditional business models. In this research, we have reviewed the general business models for Nanotechnology-based products and services. In this respect one of the potential opportunities in the field of Nano energy storage devices and their practical application. We have conceptualized the potential use of “Blockchain” technology in the trading aspect of energy storage contracts and the potential opportunities this presents to the investors as well as the general public who form the wider sphere of stakeholders.
Credit card is a financial product and it is defined as, a plastic card having a magnetic strip, ... more Credit card is a financial product and it is defined as, a plastic card having a magnetic strip, issued by a bank or business authorizing the holder to buy goods or service on credit, also called charge card. The paper is all about the credit card usage behavior and factors that are affecting the usage of credit card. The main focus of the study is to find out the relationship between the facilities that are offered on the credit card and intensity of using the credit card. Besides it this study also focuses on that why people prefer to use the credit card and the other determinants that are affecting the usage of credit card like, Hidden charges, and higher interest rate. The survey is conducted in Rawalpindi region of Pakistan. The sample for this research is credit card customers in areas of Rawalpindi. Unit of analysis is credit card customer (individuals). After the collection of data, it is analyzed by frequencies and correlation check to find out the relationship between moti...
Creative Business and Social Innovations for a Sustainable Future, 2019
The emerging economies are no longer growing as rapidly as in the past. As the technological disr... more The emerging economies are no longer growing as rapidly as in the past. As the technological disruption accelerates, a fundamental change is underway. In an industrialized world where the market is as unpredictable as it gets; the right mix of technology could be a game changer for the financial institutions. It’s a power struggle of sorts. The regulatory bodies are struggling to deal with the dynamic shift in market structure due to the eruption of digital currencies. The impact of Ethereum is studied through an estimated model and a montecarlo simulation is applied on its existing dynamic structure. As the currencies are decentralized, the power centralizes and the opportunities that emerge are noteworthy. An impact of the financial technology on the new digitized economy is realized through a time series data and estimations are made for the future.
Investment Management and Financial Innovations, 2020
The banking sector is at risk of worsening loan quality, which is a major threat to the financial... more The banking sector is at risk of worsening loan quality, which is a major threat to the financial system’s stability. The impact of foreign direct investment (FDI) inflows on nonperforming loans (NPLs) in the United Arab Emirates (UAE) is empirically investigated in this study. The data from 2008 to 2017 are collected and analyzed through the ordinary least squares (OLS) technique. The findings reveal that FDI inflows reduced the size of NPLs during the economic crisis. Also, the combined effect of higher FDI inflows and bank efficiency reduced the size of NPLs for banks, while the combined effect of FDI inflows and better institutions, such as strong regulatory quality, did not reduce the size of NPLs but rather increased the size of NPLs. The findings have implications and contribute to the literature to establish a relationship between FDI inflows and NPLs by examining the relationship between FDI inflows and NPLs in the context of banks in the UAE.
Finance is the language of business and as technological disruption accelerates, a fundamental ch... more Finance is the language of business and as technological disruption accelerates, a fundamental change is under way. This presents both opportunities and challenges for current-day organizations and finance professionals alike. Money makes the world go around, they say; but digital money not only makes the world go around, it does it in a decentralized fashion. Because the currencies are decentralized, with the right mix of technology the opportunities that emerge are noteworthy and emerge as a game changer for financial institutions. This book shows many different aspects, examples, and regulations of cryptocurrencies through its underpinning technology of blockchain in the present-day digital era. The diversity of the authors who sum up this book signify the importance of implementation in the digitized economy. It is divided into four main sections, with topics on Bitcoin, blockchain and digital returns, impact of cryptocurrencies in gaming, and cryptocurrency exchanges.
This research has focused on examining the connection between uncertainties in economic policies ... more This research has focused on examining the connection between uncertainties in economic policies and exchange rates. This research extends the literature to this field by analyzing the impact of small to large negative along with small to large positive variations in the economic policy uncertainty on the currency rates. For this purpose, this research uses the Granger causality in the quantile test and a newly constructed multiple asymmetric threshold nonlinear ARDL (MATNARDL) model. When a nonlinear ARDL model is utilized, our results confirmed the nonlinear impact in three nations only. In contrast, when the MATNARDL technique is utilized, these findings do confirm the nonlinear effect for all nations. Furthermore, when the Granger causality in the quantile test is applied, the impact differs over various quantiles. In general, the enhanced framework encourages us to analyze better how EPU affects the exchange rate in the emerging seven (E7) nations. The findings of our research ...
Journal of International Commerce, Economics and Policy
Various empirical methodologies have examined the relationship between exchange rate and househol... more Various empirical methodologies have examined the relationship between exchange rate and household consumption expenditures. However, traditional methods fail to analyze the exchange rate effect on consumption across minor and major currency depreciation and appreciations. We attempt to extend the existing literature by examining the impact of minor and major currency appreciation and depreciation on household consumption expenditures in BRICST countries, including Brazil, Russia, India, China, South Africa and Turkey. We use an extended version of the nonlinear ARDL (NARDL) and multiple threshold nonlinear ARDL model called the multiple asymmetric ARDL (MATNARDL) model. Our estimates, based on the traditional NARDL model, indicate that the asymmetric effect is found in the context of India and China only. However, the MATNARDL estimates suggest that, in the long run, the asymmetric effect is found for all the sample countries except India whereas, in the short run, the asymmetric e...
The influences of renewable and conventional energy consumption on ecological sustainability rema... more The influences of renewable and conventional energy consumption on ecological sustainability remain unclear because of the dynamic economic and innovative framework. This investigation gives a new perception by exploring the association between the production of various sources of renewable energies (e.g., hydroelectric, wind, solar PV, geothermal, and biomass power) and economic growth encapsulating capital, government spending, and trade openness. This research used a heterogeneous approach for panel data and second generational tools for econometrics, which allow for cross-sectional reliance and slope heterogeneity. This study has revealed the substantial reason to back up the feedback assumptions between renewable energy sources and economic growth, using the Dumitrescu and Hurlin analysis. In terms of policy, this empirical analysis suggests enacting impactful policies that encourage green power and economic reform in an attempt to lessen CO2 concentrations in the biosphere.
The main focus of the study is to determine the financial uncertainty while examining the Sukuk b... more The main focus of the study is to determine the financial uncertainty while examining the Sukuk bonds prices, Sukuk bond and global emerging market indices returns dynamics. The study, with a time period ranging from 2017 to 2020, applies the quantile regression technique. The study findings show that evidence of co-moment exists between the global emerging market index and Sukuk bond price returns, except the one. There is no impact of the financial uncertainty indicator reflected by the global volatility index (VIX) on the Sukuk index returns, and even this impact is negative for (VXEEM). The causal impact among the global emerging and Sukuk bond markets will help formulate future trading strategies in particular to Islamic bond markets.
The main focus of the study is to determine the financial uncertainty while examining the Sukuk b... more The main focus of the study is to determine the financial uncertainty while examining the Sukuk bonds prices, Sukuk bond and global emerging market indices returns dynamics. The study, with a time period ranging from 2017 to 2020, applies the quantile regression technique. The study findings show that evidence of co-moment exists between the global emerging market index and Sukuk bond price returns, except the one. There is no impact of the financial uncertainty indicator reflected by the global volatility index (VIX) on the Sukuk index returns, and even this impact is negative for (VXEEM). The causal impact among the global emerging and Sukuk bond markets will help formulate future trading strategies in particular to Islamic bond markets.
Abstract: Foreign direct investment flows have increased dramatically in recent decades. Developi... more Abstract: Foreign direct investment flows have increased dramatically in recent decades. Developing countries have long tried to attract a reasonable amount of FDI, and easing foreign exchanges regimes, and removing restrictions have become increasingly popular. Foreign direct investment (FDI) is a potent weapon of economic development, especially in the current global context. It enables a capital-poor country like Pakistan to build up physical capital, create employment opportunities, develop productive capacity, enhance skills of local labor through transfer of technology and managerial know-how, and help integrate the domestic economy with the global economy There are many forms of foreign resources like Foreign Direct Investment, Grants & Loans, Foreign Portfolio Investment, Export Credit, Official Aid, Technical Assistance, Emergency Relief, Project and non project aid. This paper reviews impact of foreign aid on development. By performing Least Squares we analyse the trend an...
International Conference on Financial Theory and Engineering, 2010
In this paper, we have used the data of some variables affecting current account balance and capi... more In this paper, we have used the data of some variables affecting current account balance and capital & financial account balance from 1985 to 2005 to generate some results. We have emphasized the Granger causality test and impulse response functions to analyze the dynamic influence of FDI to the capital and financial accounts, as well as the GNP of Pakistan.
The rapid rate of growth in nanotechnologies and their application in almost every field of life ... more The rapid rate of growth in nanotechnologies and their application in almost every field of life is not only set to improve the living standards of the general public around the globe but also serves as a great opportunity for business as well. In this regard, a sound business model is required, as the product and services based upon this technology may not conform to traditional business models. In this research, we have reviewed the general business models for Nanotechnology-based products and services. In this respect one of the potential opportunities in the field of Nano energy storage devices and their practical application. We have conceptualized the potential use of “Blockchain” technology in the trading aspect of energy storage contracts and the potential opportunities this presents to the investors as well as the general public who form the wider sphere of stakeholders.
Credit card is a financial product and it is defined as, a plastic card having a magnetic strip, ... more Credit card is a financial product and it is defined as, a plastic card having a magnetic strip, issued by a bank or business authorizing the holder to buy goods or service on credit, also called charge card. The paper is all about the credit card usage behavior and factors that are affecting the usage of credit card. The main focus of the study is to find out the relationship between the facilities that are offered on the credit card and intensity of using the credit card. Besides it this study also focuses on that why people prefer to use the credit card and the other determinants that are affecting the usage of credit card like, Hidden charges, and higher interest rate. The survey is conducted in Rawalpindi region of Pakistan. The sample for this research is credit card customers in areas of Rawalpindi. Unit of analysis is credit card customer (individuals). After the collection of data, it is analyzed by frequencies and correlation check to find out the relationship between moti...
Creative Business and Social Innovations for a Sustainable Future, 2019
The emerging economies are no longer growing as rapidly as in the past. As the technological disr... more The emerging economies are no longer growing as rapidly as in the past. As the technological disruption accelerates, a fundamental change is underway. In an industrialized world where the market is as unpredictable as it gets; the right mix of technology could be a game changer for the financial institutions. It’s a power struggle of sorts. The regulatory bodies are struggling to deal with the dynamic shift in market structure due to the eruption of digital currencies. The impact of Ethereum is studied through an estimated model and a montecarlo simulation is applied on its existing dynamic structure. As the currencies are decentralized, the power centralizes and the opportunities that emerge are noteworthy. An impact of the financial technology on the new digitized economy is realized through a time series data and estimations are made for the future.
Financial analysis is useful for every business entity to enhance their performance, competitive ... more Financial analysis is useful for every business entity to enhance their performance, competitive strength and access their financial stability and profitability of the firm. This paper investigates the financial analysis of the two Multinational companies, GlaxoSmithKline (GSK) and SanofiAventis (SA) and an attempt to compare their financial performance by using ratio analysis. Data is drawn from pharmaceutical industry in Pakistan from financial year 2005 to 2009. Analysis of variance (ANOVA) and statistical hypothesis test (t-Test) with independent sample characteristics was analyzed through Statistical Package for the Social Sciences (SPSS). The results comparison with this method between two pharmaceutical companies is presented. It is revealed that the performance of both companies in the observed period has improved. The current method reflects that GlaxoSmithKline is leading SanofiAventis.
Uploads